Multinational insurance-holding company AmTrust Financial Services Inc. announced that it has entered into an agreement to acquire Texas-based Republic Companies Inc. and its affiliates for approximately $233 million.
The acquisition of Republic, a provider of property/casualty insurance for more than 100 years, will boost AmTrust’s growth in the Southwestern states, according to an AmTrust press release issued Sunday. Republic reported total direct premiums of about $711 million last year; the company also generates fee revenue by providing insurance services to third parties.
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